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85-070 - 07-16 Authorize Public Hearing Housing Bond Program United Properties, Inc.Resolution 85-70 July 16, 1985 Member Johnson introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING A PUBLIC HEARING ON A PROPOSED HOUSING PLAN, INCLUDING A HOUSING BOND PROGRAM FOR THE ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS FOR THE UNITED PROPERTIES, INC. PROJECT, AND GIVING PRELIMINARY APPROVAL TO THE PROJECT WHEREAS, Minnesota Statutes, Chapter 462C, as amended (the "Act") authorizes a City to make or purchase loans to finance multifamily housing developments after preparation and adoption of a housing plan; and WHEREAS, the City of Golden Valley (the "City") has received a proposal on behalf of United Properties, Inc., a Minnesota corporation (the "Developer") to acquire and construct an approximately 120 unit residential rental facility to be constructed on property located on an approximately 7 acre site at the northwest corner of the intersection of Golden Valley Road (as proposed to be realigned) and Wisconsin Avenue, in the City (the "Project"), and a request for the City to issue revenue bonds in the amount of approximately $6,300,000 to finance the Project; and WHEREAS, the City is preparing a Housing Plan (the "Plan") pursuant to the Act which will include a financing program (the "Program") relating to the Project; and WHEREAS, the Act requires the adoption of a housing plan after a public hearing held thereon after publication of notice in a newspaper of general circulation in the City at least thirty days prior to the public hearing; and WHEREAS, the Act further requires the submission of the Program to the Metropolitan Council on or before the day on which notice of the public hearing is published. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Golden Valley: 1. That a public hearing on the Housing Plan, including the Program, is hereby called and shall be held on a date to be determined by the City Manager which date shall be the earliest date on which a regular meeting of this Council is scheduled, before which timely notice of the public hearing may be given, after preparation of the Plan. 2. That the City Manager is authorized and directed to cause a notice substantially in the form attached hereto to be published in a newspaper of general circulation in the City on or before the date which is at least thirty days before the date of the public hearing. 3. That the City Manager is directed to submit the Plan to the Metropolitan Council for its review and comment on or before the date of publication of the notice of public hearing. Resolution 85-70 - Continued July 16, 1985 4. The Project is hereby given preliminary approval by the City and the issuance of the revenue bonds for such purpose and in such amount approved, subject to approval of the Plan and the Program by the City and approval of the Program by the Minnesota Housing Finance Agency, and subject to the mutual agreement of this body, the Developer and the initial purchaser of the bonds as to the details of the bonds and provisions for their payment. In all events, it is understood, however, that the bonds of the City shall not constitute a charge, lien or encumbrance legal or equitable upon any property of the City except the Project, and the bonds, when, as, and if issued, shall recite in substance that the bonds, including interest thereon, are payable soley from the revenues received from the Project and property pledged to the payment thereof, and shall not constitute a debt of the City. 5. The law firm of Holmes & Graven, Chartered, is authorized to act as Bond Counsel and to assist in the preparation and review of necessary documents relating to the Project and bonds issued in connection therewith. The Mayor, City Attorney, and other officers, employees and agents of the City are hereby authorized to assist Bond Counsel in the preparation of such documents. A M ry E. AVtrson, Mayor ATTEST: 14 Shirley t 1 on, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member Anderson and upon a vote being taken thereon, the following voted in favor thereof: Anderson, Johnson, Stockman and Thompson; and the following was absent: Bakken, and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and her signature attested by the City Clerk. Resolution 85-70 - Continued July 16, 1985 CITY OF GOLDEN VALLEY, MINNESOTA NOTICE OF PUBLIC HEARING ON A PROPOSED HOUSING PLAN, INCLUDING A MULTIFAMILY HOUSING REVENUE BOND PROGRAM (UNITED PROPERTIES, INC. PROJECT) UNDER MINNESOTA STATUTES, CHAPTER 462C, AS AMENDED NOTICE IS HEREBY GIVEN that the governing body of the City of Golden Valley, Minnesota (the "City"), will meet on October 1, 1985, at 7:30 PM at the City offices in Golden Valley, Minnesota, for the purpose of conducting a public hearing on a proposed Housing Plan for the City, including a program for the issuance of its revenue bonds under Minnesota Statutes, Chapter 462C, as amended, in order to finance the cost of a project. The proposed project will be undertaken by United Properties, Inc., a Minnesota corporation; will consist of the acquisition of land and construction thereon of a 120 -unit residential rental facility to be located on an approximately 7 acre site at the northwest corner of the intersection of Golden Valley Road (as proposed to be realigned) and Wisconsin Avenue, in the City. The estimated total amount of the proposed issue is $6,300,000. The bonds will be a limited obligation of the City and the bonds and interest thereon will be payable coley from the revenues pledged to the payment thereof, except that such bonds may be secured by a mortgage and other encumbrance on the project. No holder of any such bond will ever have the right to compel any exercise of the taxing power of the City to pay the bonds, or the interest thereon, nor to enforce payment against any property of the City except the project. All persons interested may appear and be heard at the time and place set forth above. Dated: August 29, 1985 BY ORDER OF THE CITY COUNCIL OF THE CITY OF GOLDEN VALLEY By: Shirley Nelson, City Clerk